Sens. John McCain (R-Ariz.) and Tom Harkin (D-Iowa) have introduced legislation that would permanently discontinue the $1 dollar note and replace it with a coin.

Harkin and McCain penned The Currency Optimization, Innovation and National Savings (COINS) Act in response to reports from the nonpartisan Government Accountability Office (GAO) that indicate that abandoning the note could save around $5.5 billion over the next 30 years. Specifically the COINS Act would require that Federal Reserve Banks discontinue the $1 note four years after enactment or once circulation of $1 coins exceeds 600 million annually.

One thing I like to do, when Americans come into my store and are confused by Canadian money when trying to pay for stuff, I pick up the toonie and tell them, “This is a penny. I need 186 of them to pay for your coffee.”

They catch on real quick that the toonie is not a penny.

9
posted on 02/01/2012 6:53:26 PM PST
by Jonty30
(What Islam and secularism have in common is that they are both death cults.)

I’d prefer to see them get rid of the penny, nickel, and dime (which have negligible value these days) and put a half dollar in large circulation. Then they can round everything to the nearest quarter dollar.

13
posted on 02/01/2012 6:56:32 PM PST
by ElkGroveDan
(My tagline is in the shop.)

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